Ethereum Updates Today: BitMine Continues to Gather ETH Despite Stock Drop, Indicating Institutional Confidence

Bitget App

Trade smarter

Bitget

News

Markets

Ethereum Updates Today: BitMine Continues to Gather ETH Despite Stock Drop, Indicating Institutional Confidence

Bitget-RWA2025/11/23 02:28

By:Bitget-RWA

- BitMine's 0x5664 wallet received $59.17M in ETH from FalconX, signaling continued institutional accumulation despite a 35% stock decline. - The OTC purchase highlights FalconX's role in enabling discreet large-scale trades, reducing market impact through off-chain execution. - Ethereum's $15B+ 24-hour volume and USDC's 72% market cap surge reflect growing institutional adoption amid regulatory clarity. - BitMine's ETH buying aligns with pre-Prague hard fork optimism, with analysts noting potential 7% pri

An Ethereum

wallet suspected to be associated with BitMine

received 21,537 ETH, valued at $59.17 million, from the OTC platform FalconX on November 23, 2025,

as reported by on-chain analyst Lookonchain

. This transfer, which took place just eight hours before the news was released, is part of BitMine’s ongoing ETH accumulation, which also includes

recent acquisitions of 17,242 ETH ($49.07 million)

and 110,288

ETH

throughout this month. The 0x5664 wallet,

believed to be linked to BitMine’s founder Tom Lee

, has caught the eye of traders who are closely watching ETH’s order book and institutional activity.

Ethereum Updates Today: BitMine Continues to Gather ETH Despite Stock Drop, Indicating Institutional Confidence image 0

BitMine’s shares (SBET) have

dropped by 35.15% over the last month

, mirroring wider market challenges. Despite these equity setbacks, the company’s persistent ETH buying demonstrates its optimistic outlook on the digital asset.

Experts believe this accumulation may reflect growing institutional trust

, which could help support ETH’s price as it tests important support and resistance zones. In late November, Ethereum’s 24-hour trading volume

surpassed $15 billion

, reinforcing its status as a leading layer-1 blockchain.

This sizable transaction also brings attention to FalconX’s part in enabling large trades without causing immediate price swings.

OTC services such as FalconX let institutions make significant purchases quietly

, which helps minimize slippage and keeps market volatility in check. For market participants, the next move—whether the 0x5664 wallet sends ETH to exchanges or custodians—

may offer clues about short-term ETH liquidity

and price trends.

At the same time, the stablecoin sector is evolving as clearer regulations encourage the use of transparent digital assets.

JPMorgan observed that Circle’s USDC has overtaken Tether’s USDT

in on-chain transactions, with USDC’s market capitalization jumping 72% to reach $74 billion in 2025. This movement, driven by adherence to regulations like the EU’s MiCA,

could shape Ethereum’s landscape

by channeling institutional funds toward compliant stablecoins and core blockchain infrastructure.

BitMine’s approach fits into the larger trend of institutional involvement in crypto, especially as Ethereum gears up for the Prague hard fork, which aims to boost scalability and lower transaction fees

according to recent reports

. Market watchers are encouraged to keep an eye on technical signals like the RSI (now at 55) and moving averages, with

ETH’s 50-day moving average at $2,650

. While the immediate effects of BitMine’s latest purchase are still unclear,

past trends indicate a possible 7% price rise

within 48 hours after similar large-scale buying activity.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

- Whale shorts 4,574.87 ZEC ($2.66M) with 5x leverage and opens 20x BTC long (367.36 BTC, $31.63M) on Nov 23, 2025. - ZEC surges to $700 (2018 high) amid November 2025 halving reducing block rewards by 50%, tightening supply. - Largest ZEC short on Hyperliquid (60,870.43 ZEC) faces $22M loss, with liquidation risk at $1,112.45. - Whale’s BTC long aligns with post-liquidation rebound expectations, as BlackRock ETF outflows and Fed uncertainty boost BTC. - ZEC’s halving-driven bullish narrative (shielded sta

Bitget-RWA•2025/11/23 03:08

Zcash News Update: Major Investor's ZEC Short and BTC Long Positions Indicate Market Changes Triggered by Halving

Ethereum Update: Major Holders Offload $52M as $1.35B Investor Wagers on Market Rebound

- Ethereum whales sold $52.4M in ETH at $2,994.9, incurring $18.4M losses amid a 28% 30-day price drop. - Market-wide bearishness intensified as Bitcoin fell below $86,000 and ETH hit a four-month low near $2,700. - Technical indicators show all EMAs in downtrend, Bull Score Index at 20 (lowest since 2020), and ETH derivatives open interest dropped to $35.5B. - Top DATs like BitMine face 25-48% paper losses, with mNAV ratios below 1 raising liquidity risks amid $415M 24-hour ETH outflows.

Bitget-RWA•2025/11/23 03:08

Ethereum Update: Major Holders Offload $52M as $1.35B Investor Wagers on Market Rebound

Court Decision on IEEPA May Transform Tariff Policies and Cryptocurrency Rules

- U.S. Supreme Court's IEEPA ruling could invalidate Trump-era tariffs, forcing White House to adopt narrower legal tools like Sections 232/301 with slower processes and oversight. - Crypto markets face regulatory shifts as White House reviews CARF framework, which would grant IRS access to foreign crypto data but risks stifling decentralized innovation. - Over 65 crypto groups demand exemptions for decentralized developers amid concerns about prosecution risks and unclear DeFi tax rules under proposed reg

Bitget-RWA•2025/11/23 03:08

Court Decision on IEEPA May Transform Tariff Policies and Cryptocurrency Rules

MMT Price Forecast: Can the Latest Rally Maintain Its Upward Momentum?

- MMT symbol duality (MFS fund & Momentum token) triggered divergent price surges in November 2025, driven by institutional investments and crypto airdrops. - Momentum token's 1,300% gain on Binance relied on exchange listings and margin trading, while MFS fund attracted 84.7% stake increase from 1607 Capital Partners. - MFS fund's 8.7% yield faces sustainability risks as distributions shift to capital gains, contrasting with Momentum token's speculative volatility and $109M short liquidations. - Policy en

Bitget-RWA•2025/11/23 03:06